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Summary

❑ Sustainable Augmented Intelligence (SAIHEAT) is a computing and energy operator providing BTC and AI computing services, alongside liquid cooling and modular nuclear power solutions. As an emerging AI and BTC computing provider, SAIHEAT is capitalizing on the exponential growth in computing demand driven by efficiency innovations. Large language models like DeepSeek V3, leveraging MoE architecture (671B parameters, 37B activated) and R1-Zero reinforcement learning, have achieved 10-14x efficiency gains. According to Jevons Paradox, these improvements, by lowering entry barriers (input costs of $0.27/1M tokens), will catalyze even greater computing demand. Against the backdrop of accelerating AI computing requirements, the company's innovative containerized IDC solution reduces traditional construction cycles from 1.5-2 years to 3-6 months, while its modular design optimizes scaled deployment costs. SAIHEAT has built a customer base of small and medium-scale computing clients across Southeast Asia and North America, strengthening its competitive position in the computing infrastructure upgrade cycle through an integrated computing-energy model. In digital assets, the company employs a dual-track strategy of self-operated and hosted services at its U.S. Marietta facility (106 PH/s) and Mexico's La Pachuca operations (44 PH/s), generating multiple revenue streams from hardware sales, hosting fees, electricity charges, and cryptocurrency returns.

❑ As a pioneer in data center liquid cooling solutions, SAIHEAT leverages its dual product line (A/B Series) strategy and ACCE ecosystem to capture critical opportunities driven by AI computing expansion. A Series products cover 30-384kW power range for AI data centers, while B Series excels in bitcoin mining with 80% noise reduction. The company integrates liquid cooling technology, heat recovery, and Small Modular Reactor (SMR) innovations to redefine data center infrastructure standards. With hyperscale cloud providers' CapEx projected to reach $336 billion (+32% YoY) by 2025, SAIHEAT is well-positioned to benefit from AI infrastructure expansion.

❑ SAIHEAT's differentiation manifests in four key dimensions: 1) Innovative containerized AI computing solution enabling rapid 3-6 month deployment, offering flexible customization for small to medium-scale AI computing demands of 5-20 servers (40-160 GPUs); 2) Proprietary liquid cooling technology supporting 40-200kW+ power ranges, leading the response to rapidly increasing AI GPU power requirements (400W→1200W); leveraging 5 years of ASIC cooling experience, the company has validated 10kW per rack cooling capacity, significantly outperforming traditional air cooling's 15-20kW limit; 3) Innovative three-tier thermal system (WITBOX liquid cooling servers + HEATBOX waste heat conversion + USERBOX application solutions) achieving 97% thermal efficiency, optimizing PUE to 1.05, supporting 49-80°C heating range, generating 0.97kWh heat energy per 1kWh computing power, creating an "electricitycomputing-heat" business cycle; 4) Addressing U.S. grid supply-demand imbalance (5x demand growth to 128GW over five years, with only 19% grid connection rate for new 85GW capacity requirement) through OpenSMR initiative and OrbitBTC solar innovation.

❑ SAIHEAT, an emerging computing and energy infrastructure operator dedicated to advancing sustainable augmented intelligence, delivers both BTC mining and AI cloud computing services through its Computing Division, while providing liquid-cooled data centers and modular nuclear solutions through its Energy Division. Despite its current modest revenue scale, the company's innovative containerized IDC solution (3-6 month rapid deployment) and strategic global footprint across North America and Singapore enable efficient response to surging AI/BTC computing and liquid cooling demands while addressing L-T power supply-demand imbalances in clean energy transition. We initiate coverage with a Buy rating and $25.87 PT (25E P/S=4x, 26E P/S=1.5x, 26E EV/EBITDA=23.1x, P/E=55.2x), supported by four key factors: 1) the company's first-mover advantage in capturing accelerating AI computing demand through rapid deployment capabilities and global presence; 2) strong pricing power through its ACCE ecosystem

(WITBOX, HEATBOX, USERBOX) amid structural S/D imbalance in data center infrastructure; 3) significant revenue growth potential from major client expansion, projecting 3-4x growth over next 2-3 years with revenue forecasts of $5.45M/$10.62M/$28.15M for FY24-26E and EBITDA turning positive in FY26E (-$4.67M/-$0.19M/+$1.85M); 4) and sustainable competitive advantage in data center infrastructure and clean energy transition through the integration of computing services, liquid cooling technology, waste heat recovery, and SMR energy innovation.

❑ Risk Factors: intensifying industry competition, technology innovation falling short of expectations, slower-thanexpected major client acquisition, and cash flow pressures. Key monitoring metrics: 1) major customer wins and order pipeline; 2) commercial validation of ACCE ecosystem; 3) progress on SMR technology and OrbitBTC initiatives. $SAIHEAT Limited(SAIH)$